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Over the course of the last 12 months, home prices have appreciated by 7.0%. In that same amount of time, interest rates have remained low allowing many buyers to enter the market.

As a Seller, you may be concerned about ‘short-term price’ – where home values are headed over the next six months. As a Buyer, however, your attention may be more focused on the ‘long-term cost’ of the home.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase in 2018. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 4.7% over the next 12 months.

What Does This Mean as a Buyer?
If home prices appreciate by 4.7% over the next twelve months, here is a simple chart of the impact an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

Bottom Line
If buying a home is in your plan for 2018, doing it sooner rather than later could significantly save you thousands over the terms of your loan.

The Winning Team Real Estate Group at Old Town Real Estate Co. JUST SOLD on another town home!

Our client was assisted by Cory Dudley, Broker Owner and 18-year veteran of the market. We were able to negotiate terms and a price that worked perfectly for our Seller's schedule so that our client could move on to the next chapter of his life.

Congratulations to our Seller!

Cory gives everything he has to fulfilling his client's dreams of home ownership - and it's a privilege he doesn't take lightly.

Cory is proud and honored to have served this community for the last 18 years as a full-time real estate broker and owner of Old Town Real Estate. It brings him pride to know that people come to him as a trusted adviser when selecting a home in Boulder County and specifically in our beloved Old Town neighborhoods.

Cory can be reached by mobile at 303.641.8597 or email at cory@justlistedcolo.com

Congratulations to our sellers, who JUST CLOSED on their Craftsman-style Old Town home! We are thrilled to have helped them onto the next adventure for their family...

It's always a gift in our business to have lifelong clients and friends. Cory can recall discussing strategies to maximize their return on this Old Town investment over 7 years ago... And wow, they did even better than expected!

Congratulations again...

If you loved 803 Collyer St, don't worry - we have others in the neighborhood!

COMING SOON...

600 Baker Street

4 bedrooms | 2 bathrooms | 2,406 square feet

Click HERE for a sneak peek at the photos, and mark your calendars for the Open House on May 6th & 7th, 11am - 2pm.

Cory feels blessed and honored to be a top producing, full-time real estate broker and business owner in beautiful Colorado. He gives everything he has to fulfilling his client's dreams of home ownership - and it's a privilege he doesn't take lightly. His family includes his wife and daughter, and they feel fortunate to call Longmont their home.

Cory can be reached by mobile at 303.641.8597 or email at cory@justlistedcolo.com

A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:

A smaller home means less space, but it also means less time, stress and money spent on upkeep.

Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6 million in the bank to get you through your golden years.

Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! If you can’t pay cash, aim for a 15-year fixed rate mortgage and put at least 10–20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less than 10.5 years, saving almost $16,000 in the process.

Realtor.com also addressed downsizing in an article. They suggest that you ask yourself some questions before deciding if downsizing is right for you and your family. Here are two of their questions followed by their answers (in italics) and some additional information that could help.

Q: What kind of lifestyle do I want after I downsize?

A: “For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.”

Comments: Many homeowners are taking the profits from the sales of their current homes and splitting it in order to put down payments on smaller homes in their current locations, as well as on vacation/retirement homes where they plan to live when they retire.

This allows them to lock in the home price and mortgage interest rate at today’s values which makes sense financially as both home prices and interest rates are projected to rise.

Q: Have I built up enough equity in my current home to make a profit?

A: “For most homeowners, the answer is yes. This is if they’ve held on to their properties long enough to have positive equity that will be sizable enough to put a large down payment on their next home.”

Comments: A study by Fannie Mae revealed that only 37% of Americans believe that they have significant equity (> 20%) in their current home. In actuality, CoreLogic’s latestEquity Report revealed that 78.9% have greater than 20% equity. That equity could enable you to build the life you’ve always dreamt about.

Bottom Line

If you are debating downsizing your home and want to evaluate the options you currently have, let's meet up to help guide you through the process.

Many people believe that trying to sell a home during the winter is much more difficult than any other time of the year. Contrary to that popular belief, there are many benefits and advantages to selling during the cooler months. The truth is that all the driving factors for homebuyers still exist, no matter the time of year; a need to downsize, a new job, a growing family... And colder months can provide sellers the opportunity to slow down a bit. With fewer homes on the market there is less competition, making room for more consideration of offers, inspection items, and everything else.

However, keep in mind that listing during the winter requires different considerations be made when preparing...

1.) Don't forget about the exterior

Just because there may be snow covering up your perfectly manicured lawn doesn't mean you can disregard the exterior of your home. Minor repairs should be taken care of, gutters should be cleared of debris prior to any major snowstorm, and windows freshly washed. Though you cannot paint during the winter, you can certainly power wash siding on a mild day to freshen it all up.

Once again, pay attention to the details. Make sure that your walkway and driveway are shoveled and ice-free for each and every showing - trudging through snow to get to the front door isn't appealing for anyone! Plus, if a visitor slips and hurts themselves, you could be held liable for their injuries.

2.) Decorate the entryway

As long as your wreath left over from Christmas isn't overly holiday-centric, leave it up! Festive garland and greenery adorning the front porch give a welcoming feel. Some ideas that work well into February would be dried berries, corkscrew hazel, red osier branches, sprigs of holly, cedar or pine boughs, magnolia leaves, and even some silver or gold ornaments or ribbon woven through your arrangements.

3.) Protect your floors

Between the snow, mud, ice, and ice melt, your floors can really take a beating if they aren't given special consideration during this time of year. Make sure that you provide a rug at your entryway, and specific instructions that potential buyers remove their shoes upon arrival.

4.) Light candles

It's an effective trick that's used time and time again; candles help to conjure up an emotion, feeling, vibe, sense of rightness... Light fragrant candles or arrange bowls of potpourri in open rooms. Inspire the feeling you want buyers to have when they walk in your home! Another idea that's more holiday specific is to have a pot of apple cider warming on the stove, or a baked good in the oven.

So don't be deterred by the chill in the air! The end of the year is a great time to put your home on the market. Job relocations also occur most in the first quarter, which means that every winter there will be buyers looking for a new home. Because relocated or placed employees often have credited moving expenses, your asking price can hold strong. A good agent will be able to help you target this sort of demographic in your marketing and ensure you have plenty of visitors...

If you'd like guidance in listing your home during the winter, give us a call!

We are happy to announce that this beautiful Victorian home on the Historic Eastside of Old Town Longmont is officially under contract! Congratulations to the buyers, who have decided to call Old Town "home"..

Though this one may be spoken for, there are currently 98 homes available in Longmont (attached and detached) in prices up to $550,000. Get in touch with us if you'd like to take a closer look at them! We'd be happy to help..

Cory feels blessed and honored to be a top producing, full-time real estate broker and business owner in beautiful Colorado. He gives everything he has to fulfilling his client’s dreams of home ownership - and it’s a privilege he doesn’t take lightly. His family includes his wife and daughter, and they feel fortunate to call Longmont their home.

Cory can be reached by mobile at 303.641.8597 or email at cory@justlistedcolo.com.